(Types of audits and auditors) After performing an audit, the auditor determines that 1. The financial...
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(Types of audits and auditors) After performing an audit, the auditor determines that 1. The financial statements of a corporation are presented fairly. 2. A company's receiving department is inefficient. 3. A company's tax return does not conform with IRS regulations. 4. A government supply depot is not meeting planned program objectives. 5. The financial statements of a physician are properly prepared on a cash basis. 6. A foreman is not carrying out his assigned responsibilities. 7. The IRS is in violation of an established government employment practice. 8. A company is meeting the terms of a government cor.tract. 9. A municipality's financial statements correctly show actual cash receipts and dis- bursements. 10. The postal service in midtown is inefficient. 11. A company is meeting the terms of a bond contract. 12. A department is not meeting the company's prescribed policies concerning overtime work. REQUIRED a. Indicate the type of audit that is involved: (1) financial, (2) compliance, or (3) opera- tional. b. Identify the type of auditor that is involved: (1) independent, (2) internal, (3) govern- ment-GAO, or (4) government-IRS. c. Identify the primary recipient(s) of the audit report: stockholders, management, Con- gress, and so on. Use the following format for your answers: Type of Audit Type of Auditor(s) Primary Recipient(s) (Types of audits and auditors) After performing an audit, the auditor determines that 1. The financial statements of a corporation are presented fairly. 2. A company's receiving department is inefficient. 3. A company's tax return does not conform with IRS regulations. 4. A government supply depot is not meeting planned program objectives. 5. The financial statements of a physician are properly prepared on a cash basis. 6. A foreman is not carrying out his assigned responsibilities. 7. The IRS is in violation of an established government employment practice. 8. A company is meeting the terms of a government cor.tract. 9. A municipality's financial statements correctly show actual cash receipts and dis- bursements. 10. The postal service in midtown is inefficient. 11. A company is meeting the terms of a bond contract. 12. A department is not meeting the company's prescribed policies concerning overtime work. REQUIRED a. Indicate the type of audit that is involved: (1) financial, (2) compliance, or (3) opera- tional. b. Identify the type of auditor that is involved: (1) independent, (2) internal, (3) govern- ment-GAO, or (4) government-IRS. c. Identify the primary recipient(s) of the audit report: stockholders, management, Con- gress, and so on. Use the following format for your answers: Type of Audit Type of Auditor(s) Primary Recipient(s)
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1 Internal audittake place within your business As the business owner you initiate the audit while someone else in your business conducts it Businesses that have shareholders or board members may use ... View the full answer
Related Book For
Auditing Assurance Services and Ethics in Australia an Integrated Approach
ISBN: 978-1442539365
9th edition
Authors: Alvin A Arens, Peter J. Best, Greg Shailer, Brenton Fiedler
Posted Date:
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